I assume Mandrake's thing is accurate but if you want to know your depth, 'xdpyinfo' will give you all kinds of info, including depth. Probably Mandrake's thing is just a frontend to that or whatever that's based on. Still cool though - I bet it tells you more in one dump than hunting through the widgets trying to get info out of them. 'xwininfo -root' is a pretty concise report. You can pipe any of that through 'grep -i depth' to get an even more concise report.
Sometimes I love Linux.
But, yeah, to change it, follow Electro's advice.
-- Oops. I was busy playing around with my own display info and didn't hit refresh. I didn't follow that last bit. Maybe Electro can help. I like being in runlevel 3 - it's easy to just back up my last working config and then hack at the config file. If anything goes wrong I usually get dumped to the command line again with an error message and make more edits. If it doesn't work, I can restore the original file. So you might just reconfigure the whole thing.